Top Companies That Offer Bad Credit Boat Loans With Low Interest Rates

Written by Kelvin Omere

Boat loans have become increasingly popular as many people have taken to the sea for a means of livelihood and pleasure.

In 2016, the USA commercial fishing industry hit a worth of $5.3 billion with 371 million fishes caught. This accounted for 9.6 billion pounds of seafood that year.

Purchasing a boat could cost you anything between $30 to $3 million, however, you wouldn’t need to spend too much on a boat as many are quite affordable.

When opting for a bad credit boat loan you will have to brace up for the high-interest rates attached to them. Bad credit is usually a credit score below 630 and most lenders prefer higher credit scores before offering loans.

The few lenders that accept bad credit normally attach high APRs and some others attach several additional fees like late payment fees to the loan.

Having bad credit can also reduce the amount you qualify for. In this article, we are going to list several companies that offer bad credit boat loans to borrowers.

1. My Financing USA

According to several reviews which gave this company a trust score of 8.9 out of 10, you will be doing yourself a favor if you decide to take a loan from them. My Financing USA offers boat loans to borrowers with a credit score above 550.

This is good news to many borrowers with bad credit. More good news is that they do not request for a down payment but there are many other requirements and restrictions that you should check before going ahead to deal with this company.

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My Financing USA does not accept borrowers with unverifiable income sources. You will be required to provide proof of income prior to closing. If you have a high debt ratio, multiple bankruptcies, and large, outstanding collections then this company is not the best choice because your application will be rejected.

The maximum boat length is around 28 inches, anything higher and your application will be rejected. Loan amount starts from $10,000 up to $75,000 with varying interest rates that depend mainly on your credit score.

2. CashUSA

With CashUSA, you can apply for loans as high as $10,000 even though you have bad credit. However, the company is not a lender but more of a middleman. CashUSA connects to you to a lender based on the information you provide.

The interest rates start at 5.99% up to 35.99%. You shouldn’t expect an interest rate of 5.99% if you have really bad credit. Loan length is anywhere from 90 days to 6 years, however, not everyone is eligible for a loan period of 6 years.

Although CashUSA does not specify the minimum credit score you must have when applying for a loan, there are some eligibility requirements you need to take note of.

To qualify, you must be at least 18 years old, be a U.S. citizen or permanent resident, and have a minimum monthly income of $1,000 after taxes.

CashUSA has a fast loan approval and fund disbursement process which is just perfect for borrowers who are in urgent need of a loan.

3. Bad Credit Loans

Bad Credit Loans is similar to CashUSA in the sense that it does not actually offer loans to borrowers but connects them with lenders who are ready to accept their credit score.

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With Bad Credit Loans, there is no minimum credit score, however, interest rates start from 5.99% up to 35.99%. A bad credit score can see you paying as high as 19% to 25% as interest for a loan.

Loan amounts range from $500 to $5,000 and are payable between 3 to 60 months. Qualification requirements are similar to that of CashUSA.

To qualify you must be a USA citizen or permanent resident, above the age of 18, have a regular income and a checking account in your name.

Overall, Bad Credit Loans could be a good choice to consider, however, you should note that their lenders do not provide loan amounts of over $1,000 to borrowers with bad credit.

4. Personal Loans

Personal Loans is a lender network offering bad credit boat loans to borrowers regardless of their credit score. With this company, you can stand a chance to get a loan as high as $10,000 without qualms.

Loan amounts start from $500 up to $35,000 which is payable within 3 to 72 months. Its interest rates are quite similar to that of other lenders at 5.99% – 35.99%, however, you wouldn’t be able to get a low-interest rate for some reasons. Factors like credit score and loan length will determine the APR rate assigned to your loan.

A loan of $4,000 with a loan period of 24 months would have an APR range of 6% to 24% depending on your credit score. In the end, you will pay between $200 and $1,200 as interest.

Personal Loans charges a fee for late payment, however late payment will negatively impact your credit score which means you would end up worse than you were even after you have completely repaid the loan.

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It’s best to avoid late payments when taking a loan with bad credit.

Things To Avoid When Going For A Boat Loan With Bad Credit

There are several things you should look out for and avoid when applying for a boat loan with bad credit. If you are desperate to get a loan, you can easily get scammed as there are many fraudulent companies offering false loans with extremely low interest rates to borrowers with bad credit.

Avoid Long Term Loans

If you have bad credit then its best to avoid long term loans. Long term loans tend to have higher interest rates and it’s more likely for you to default in payment. This could further hurt your credit score and reduce your chances of getting loans in the future.

Avoid Unaccredited Companies

Before finalizing or settling for a company ensure you confirm that the company is accredited. This is because some lenders will request for down payment or charge processing fees. If the company is not accredited or registered, you will end up being scammed

Avoid Late Payments

Avoid late payments like the plague expect you want to see your credit score take a plunge.


The bad credit boat loan companies listed above should give you a good start. Ensure you read all their requirements and loan terms before going ahead with the application process.

About the author

Kelvin Omere

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